Gold rates on Multi Commodity Exchange on Thursday reached a week’s high level as yellow metal August futures were trading at Rs 47,780 per 10 gram, up by Rs 203 from the previous close of Rs 47,577.
Silver September futures witnessed a huge rise as they went up by Rs 813 to reach Rs 67,203 per kg. In the previous session, silver futures had ended at Rs 66,390 per kg.
Internationally, gold prices went up to their highest level in a week in the aftermath of the US Federal Reserve did not give a specific time frame for tapering plans and also indicated that raising interest rates may not happen immediately.
Spot gold rose to $1,815.56 per ounce, while US gold futures went up to $1,815.30 per ounce.
Gold watchers said that spot yellow metal rates showed recovery from lower depths after the US Federal Reserve did not give clear picture regarding tapering of economic stimulus. The statement’s impact reflected on the US dollar.